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Floridians Accused Of Bilking People Of $50 Million In Ponzi Scam

MIAMI (CN) - MRT, James Clements, Zeina Smidi and Sami Nabil Smidi bilked hundreds of investors of $50 million by selling them unregistered securities in a Ponzi scheme, according to a class-action complaint in Federal Court.

Lead plaintiff Bernice Kramer claims the defendants, all of Plantation, Fla., except Clements, of Fort Lauderdale, "guaranteed" 26 percent annual returns, but just took the money and used it as they liked. MRT advertises itself as "an international capital management firm that specializes in many different products and services," and claims that "Our bankers, traders and financial advisors are all employed by or affiliated with Swiss banks," says Kramer, who says they defrauded her of $280,000. She is represented by Blum & Silver of Coral Springs. See complaint.

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